How To Trade Like A Pro With The Use Of The Right Forex Trading Software

Automation is in the world of Forex Trading truly the lazy man’s way of trading the forex. And it’s a smart way of doing it. Why? Because it nearly eliminates the biggest enemy you have to conquer in this process: Yourself!

But let me introduce myself first: My name is James Mastersen and I’m a professional trader and instructor for more then 6 years now. After spending hundreds of hours in front of computer screens, tweaking and testing systems, I finally found my way to profitable trade the forex market. You can trade profitably for the long run even if it’s an automated system you use, a manual system with the help of a signal service or a pure manual system where you only trade with some indicators. No matter what you decide to chose, a real basic foundation is absolutely key to trade the forex market successfully over the coming years.

In my early years of blood, sweat and tears I’ve been probably through all the pitfalls that this industry has to offer and you will have to make your own experiences for sure. But what if you don’t want to make all these experiences yourself? What are the key factors that make the difference between the 5% (or even less…) that make those nice profits month after month? What if you don’t want to struggle big at first and burn account after account? Well, there is a short cut, but first we have to set the parameters clearly.

To make a long story short, there are some key factors which are absolutely crucial to your success and surviving in the sea of sharks (Brokers, Institutional Traders, Banks, Advertisers and most important: You!) with  Online Forex Exchange Trading or simple, FX. So here they are:
How to become a successfully currency forex online trading expert

The 5 basic rules

1. Never trade with money you can not afford to loose. Never!
2. At no time, you should be invested with more than 3% of your account balance, your Stop/Loss has to secure this. Crucial!
3. Always start with a demo account for at least one month if you are testing something new (Most  Automated FX Trading Software requires a minimum of 3-6 month testing to get familiar with the software and the trading “habits” of it.)
4. Only switch to real or live trading after a minimum of one month profitable trading (should be at least 20 trades, the more, the better).
5. After finding a profitable FX Trading Software, always take portions of the newly earned capital out of the account and let the rest accumulate. I would recommend to take out 50% of what you’ve gained each month.

That’s all there is for the basics to get started. If you only follow these simple rules you are well ahead of so many others and on your way to the Top 5% who are making serious money with fx online trading.
Forex trading was never and will never be a quick rich theme! But it could come close to one…

How to find a profitable FX Software?

This is a hard task to accomplish. Normally you have to test dozens of systems to find one that is really profitable. Don’t get me wrong on this one. Sure, everyone claims to have one that is profitable and will make you tons of money, but the reality can be very sobering. In fact after testing 79 Automated FX Online Trading Systems myself, and loosing some hard earned money, I can honestly say that 95% of them are pure crap when it comes to ROI (Return Of Investment) and RR (Risk To Reward Ratio).
The majority of the automated FX Trading Software Systems are working based on the Metatrader 4 Platform. Inside the Platform those Forex robots are called Expert Advisors or short EA’s. EA’s are simply  some piece of software that tell the MT4 Platform when to trade, which currency pair and how to trade it (according to the underlying system).

You can find tons of material on that subject on the internet. But I don’t want to overwhelm you with too much in depth info. That being said, I will go straight to the point of interest:

5 Rules to find an Automated FX Trading System that really works

1. Any advertising for an EA that only shows you so called “back test results” isn’t worth any closer look at. Because back test results are only good for programmers to get an idea if their system works in general or not.
2. Only rely on the so called “forward testing results”. Forward testing results are live testing results with actual real trades.
3. The Trader/Advertiser should have a live stream, so that you can follow and look at all trades, at all times, whenever you want to.
4. The robot should be easy to use with predefined settings with an  integrated update service and a forum for the users. That’s important, because otherwise you could spend a whole lifetime to optimize the settings. A forum gives you the possibility to participate on the experiencesof other users.This could help a lot if you have some problems, or just want to “fx-socialize” a bit.
5. And finally: A Money-Back-Guarantee for the Trading Robot. You don’t like it or you can’t get it to work, simply return the damn thing!

That’s all there is to it. Again, if you only follow these key rules, you are well ahead of 95% of your competition. To find a profitable, proven and reliable automated FX Trading Software could be very time consuming and often sobering.

If you don’t want to find and evaluate a profitable EA yourself, I recommend that you try and test this  Automated FX Trading Software out. It’s the only FX Trading Software  I currently recommend and trade live myself.
Another way of making a killing and become a FX Online Trading Expert, is by using a reliable signal-service to start with. This one is a real no-brainer. I have tested the service for 6 months now and the trade recommendations are nearly brilliant (they come close to my trades ) But please be careful anyways! Always have your Stop/Loss in Place to protect your hard earned capital. Check this out and take a test-drive with this FX Online Trading Service.

My favourite Broker for manual trading and the use of the signal service is eToro.com.

For the use with an automated trading solution I recommend IBFX or Alpari US.

I use them for several years now with now bigger problems. Smaller ones you’ll have with all of the brokers anyways.

The most crucial part is that the broker needs to be a reliable one over the long term. It’s always a good idea to split your accounts through multiple brokers. If you choose one (or all) of the above, you should be fine and save with your trading accounts.

Wishing you all the success with your trading!
Yours,
James Mastersen, Pro Trader



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